Ozbound7

I understand that there are government charges on Australian bank accounts and credit cards.

Can anyone enlighten me further on what basis these are charged, how much etc.

Thanks

jumbo

I also thought there were such charges but judging by the response either was mistaken or nobody is interested?

stephenwhite68

loads of threads on this one have a search

i think it depends on which banks and accounts you have

biggy

from what i can gather they charge you for walkin in the bloody door, if u can do a lot of ur transactions over the fone then its cheaper, and u learn to get cash out via efpos and u dont get charged

Trevglas

Government charges really depend on what state you are in. These will be dwarfed howver by the bank charges, which are dependant on what bank and what account you have.

As a previous poster said, stand outside a bank too long, and the buggers will try to charge you rent! Shopping around really does pay off!

Pollyana

Do a search and you will find hundreds of answers.
Aussie banks charge you for withdrawing cash from an ATM, for withdrawing cash at the counter, for using EFTPOS, for writing a cheque, for even requesting a balance from an ATM, for requesting statements, I'm not sure that some of them don't charge you for deposits. Plus charges for overdrafts etc. Then on top of that the ATO can tax you on any measly cents of interest you get! Another catch is that they don't warn you before they charge you, they just take the cash, leaving you with less than you thought - and probably in an overdraft situation so you owe them more anyway!!! :scared:

Keep your cash in a tin box under the bed. Much better idea.

bondipom

Westpac Classic plus ($10 a month) charge you 2.50 to setup a recurring transfer online. They seem to have spotted our visa transactions dropping to 0 so offered the Mrs a gold card for free as long as she spends 12,000 a year or more on it.

I have moved away from wastepac.

BAD tax is not applicable in NSW. I believe Tasmanians get taxed on credit card transactions. A tassie will have to confirm.

Optimal solution is HSBC online savings account. OK it is $1 a cheque but we have only written 1 cheque in the 2 years I have been here. Intead of paying bank charges I earn interest on my lazy cash (stuff waiting for bills).

For savings I use INGdirect as they offer a good interest rate, no fees and no minimum terms.

HSBC can be lacking in the customer care but I am 200 - 300 dollars a year better off from being with them.

NealMartin

ANZ have an 'Access Advantage' account which allows unlimited transactions over the phone, internet , ATM, or eftpos for a monthly fee of $5.00 - that's 2 pounds a month to you. It's not that bad. If you have a Barclays account in the UK - Barclays will set up the account with ANZ on your behalf without you lifting a finger.

We paid 6 quid a month for Barclays additions anyway back in the UK so we don't really feel that the banking situation over here is any different.

Happy hunting

bondipom

You chose to do that? What was up with the free Barclays account?

NealMartin

It was an upgraded account which I think allowed you to withdraw more cash at an ATM, gave you access to free legal assistance, free will writing service and access to a few other perks. Whether it was worth it - who knows.

The point is though - evryone moans about the banking charges over here and I agree that a lot of the banks charge over the odds for each use of your account either by ATM or phone etc - but, is $5 a month really a problem for unlimited use. Sure it would be great if it was free and why shouldn't it be seeing as they make interest on our funds, but in a country where all the banks charge and you have to live with it, I personally don't think $5/month is worth moaning about.

brisnick

of course $5 a month is worth moaning about. the banks rake in billions of $ in profits each year using the money i have deposited with them as collateral to make their profits. why should i pay money to them for the privilege of them using my money!!!

and worse, i believe the fees for business banking is less than personal banking.

i'm lucky that i work for a bank and get fee free banking anyway.

bondipom

$60 a year. That is a case and a half of decent beer going to the %anks. B0ll^ks to that.

ABCDiamond

Heres a link to Business Banking Fees
http://www.national.com.au/Business_...293,00.html#a2

Flat Monthly Fee - $10 per month
Each Over the Counter/ Australia Post deposit, withdrawal and each item lodged on deposit - 90c per item
Each Non-Over the Counter deposit, withdrawal and each item lodged on deposit - 60c per item

When I ran businesses here, we paid a small fortune in fees. Maybe we should have changed banks.

Which bank charges less than personal accounts ? A serious question of interest to anyone starting a business here.